USD/JPY: ANALYSIS, POTENTIAL ADVANCE PATTERN, ADVANCE PATTERN,

I suspect USDJPY has hit the double bottom of the previous low structure and has had a breakout to an extent, whereas we can see that this pair has been in the bear market for quite a while. The probability for the trend to create a new lower low is likely, however we can see that USDJPY is starting to consolidate with strong long positions. There has hardly been any pullback recently which is expected, I believe the pullback will not hit directly under previous structure low as the trend could be making a first higher low. My long term target point is around 113. point whereas my more of a short term target would be the start of 105.

Opening point: 102.365
Target point 1: 105.115
Target point 2: 113.132
Exit point: 100.083

Trade aktif